Legal Question in Business Law in Texas

Put husband's LLC in wife's name for SBA loan?

My husband and his business partner

have a successful LLC of 14 years,

which is now struggling from the

economy downturn. The bank is not

sounding positive about the amount

they need an SBA loan for to make it

during this slow time and continue

growth. I think my husband is going

to ask me if I will put the business in

my name so I can pursue a Woman's

SBA loan to save the business. I feel

this gives me to much exposure and

I will crash alone should something

happen to our marriage, as we are

newly separately 1 week. Am I being

set up to fail? I even feel stupid

asking this question, but given my

recent separation I am pretty

vulnerable, and need concrete

information.

Asked on 7/01/09, 11:30 pm

1 Answer from Attorneys

Charles Williamson Charles J. Williamson, Attorney At Law
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0 attorneys agreed

Re: Put husband's LLC in wife's name for SBA loan?

Why would you even consider doing something like this - whether separated and vulnerable or happily married and content as a pea in a pod? Did you consider that there is probably a very good reason why he would be turned down for an SBA loan under his own name? The business is in failure mode - don't even consider becoming associated with that mess. Hope this helps. Trying to talk bluntly and candidly to you here so that it might shock you a bit - back into reality!

Read more
7/02/09, 4:25 pm

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